Generally there are three categories of multifamily investment properties – which will greatly determine your loan options.These three categories are based on the number of units at the property.2-4 Units: While these are “multifamily” properties in the sense that there are “multiple units” – you will generally have very similar options for financing to traditional residential loans on single family rentals – think the traditional 30-year fixed rate conventional option or DSCR Loans – and the coveted 20% down payment option too.

My only challenge would be the occupancy rate.

Here's a bit more in detail about how rates are calculated for DSCR loans:1.

She was also able to refinance the loans that made sense to near rock bottom rates when rates were low.

So this may result in a higher interest rate. 

In the Midwest you can expect to find 2-3.5% cap rates, appreciation makes up for the rest.

Knowing that market rates are in the high 6s at best, and much higher most likely, I would be looking for at least 6% interest. 

Quote from @Nick Bednarczyk: Reminds me of what we saw in the 80s and 90s when we refied into 5-6% rates when we had the chance. 

But, these properties are living, breathing and moving things that are all exactly the same, so you should just use your standard assumptions about payment and vacancy rates.

I would also look at the current interest rate and term to see if that's a lever I could use to change the cash flow situation.